OTHER STORIES
NEWS IN BRIEF
PwC: H1 2026 Run-Off Volumes Fall
Only 13 deals disclosed despite steady demand; H2 expected to strengthen.
10 August 2026 • Page 3 • Reinsurance & Transactions
Incoming UK Captive Regime Flagged as Potential Driver of Future Deal Flow
The Transaction
PwC’s half-year review found just two run-off transactions were made public in Q2 2026, with combined gross liabilities of roughly $50 million — a quieter quarter than Q1’s 11 disclosed deals from five acquirers.
H1 2026’s total of 13 disclosed deals falls short of the 23 seen in H1 2025, with estimated gross liabilities of $780 million transacted against $1.537 billion a year earlier.
The Strategic Picture
PwC flags the PRA/FCA’s incoming UK captive insurer regime (see our regulatory coverage this edition) as a potential future driver of fresh deal flow, since the legacy market has long served as captives’ exit route.
If that regime lands as proposed, it could meaningfully expand the pool of business available for future run-off transactions.
Market Perspective
PwC cautions against reading too much into the headline dip: underlying appetite remains strong, many deals stay private and undisclosed, and longer execution timelines reflect growing transaction complexity rather than falling demand.
The firm still expects notable closes in H2 2026
MARKET INTELLIGENCE. EDITORIAL PERSPECTIVE. HISTORICAL CONTEXT.
GAZETTE WATCH – YOUR WINDOW ON THE LEGACY, RUN-OFF & REINSURANCE MARKETS.